As used in this chapter, the term:

(1) “Affiliate” or “affiliated” means a person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with another person.

(2) “Commissioner” means the commissioner of banking and finance.

(3) “Consumer” means any individual who resides, is present, or is domiciled in this state or who is or has standing to become a plaintiff, claimant, or complainant in a civil action, administrative proceeding, legal claim, or other legal proceeding or in pursuit of any claim or cause of action in this state.

(4) “Department” means the Department of Banking and Finance.

(5) “Entity” means any domestic or foreign corporation, partnership, limited partnership, limited liability company, trust, fund, plan, or any other business, enterprise, association, or organization of any kind or nature.

(6) “Foreign person” means an individual or an entity that is not:

(A) A citizen of the United States;

(B) An alien lawfully admitted for permanent residence in the United States;

(C) An unincorporated association with a majority of members who are citizens of the United States or aliens lawfully admitted for permanent residence in the United States; or

(D) A corporation that is incorporated in the United States.

(7) “Foreign principal” means:

(A) The government or a government official of any country other than the United States;

(B) A political subdivision or political party of a country other than the United States; or

(C) A partnership, association, corporation, organization, or other combination of persons organized under the laws of or having its principal place of business in a country other than the United States whose shares or other ownership interest is owned by the government or a government official of a country other than the United States or is owned by a political subdivision or political party of a country other than the United States.

(8) “Legal representative” means any attorney, group of attorneys, or law firm duly licensed and authorized to practice law and to represent a consumer in a civil action, administrative proceeding, legal claim, or other legal proceeding seeking to recover damages in this state.

(9) “Litigation financier” means any person engaged in or formed, created, or established for the purpose of engaging in any kind of business or economic activity that involves providing litigation financing in exchange for consideration of any kind.

(10)(A) “Litigation financing agreement” or “litigation financing” means an agreement in which a litigation financier agrees to provide financing to a consumer or entity that is or has standing to become a party to a civil action, administrative proceeding, legal claim, or other legal proceeding seeking to recover monetary damages, or to counsel for such consumer or entity, in exchange for a right to receive payment, which right is contingent in any respect on the outcome of such action, claim, or proceedings by settlement, judgment, or otherwise, or on the outcome of any matter within a portfolio that includes such action, claim, or proceedings and involves the same legal representative or affiliated representative.

(B) Such term shall not include:

(i) An agreement wherein a legal representative consents to provide legal services on a contingency fee basis or to advance his or her client’s legal costs, and where such services or costs are provided by the legal representative in accordance with the Georgia Rules of Professional Conduct maintained and enforced by the State Bar of Georgia;

(ii) A preexisting contractual obligation to indemnify or defend a party to a civil action, administrative proceeding, legal claim, or other legal proceeding seeking to recover monetary damages, or any other legal proceeding;

(iii) Any obligation of a health insurer to pay any sums for healthcare for an injured person under the terms of a health insurance plan or agreement;

(iv) Any obligation to repay a financial institution, as such term is defined in Code Section 10-5A-1, for loans made directly to a party to a civil action, administrative proceeding, legal claim, or other legal proceeding seeking to recover monetary damages, or such party’s legal representative, provided that such repayment of such loan is not contingent upon the outcome of such action, claim, or proceedings, or on the outcome of any matter within a portfolio that includes such action, claim, or proceedings, and involves the same legal representative or affiliated legal representative;

(v) Funding provided to a nonprofit organization that is funded by private donations, represents one or more clients on a pro-bono, no-cost basis, and seeks only injunctive relief on behalf of its clients; provided, however, that the provisions of this division shall not be construed to prohibit or otherwise affect any award of costs or attorney’s fees to such nonprofit organization seeking only injunctive relief on behalf of a client that such nonprofit organization represents on a pro-bono, no-cost basis, or to such client; or

(vi) Banks, institutional investors, and persons that provide financing to a litigation financier but do not engage in the business of litigation financing; provided, however, that this exclusion shall not apply to banks, institutional investors, and persons affiliated with a litigation financier.

(11) “Litigation financing contract” or “contract” means a written contract memorializing the terms and conditions of a litigation financing agreement.

(12) “Sovereign wealth fund” means an investment fund owned or controlled by a foreign principal or an agent of such foreign principal.